Vietnam, Spain pledge to upgrade ties after tariff shock
The leaders of Spain and Vietnam pledged on Wednesday to upgrade ties to the highest level, as the two countries attempt to manage the fallout from enormous tariffs imposed by Washington.During a visit by Spanish Prime Minister Pedro Sanchez to Hanoi, he and counterpart Pham Minh Chinh signed a joint declaration aiming to elevate ties to the level of comprehensive strategic partnership.It came on the same day US President Donald Trump’s 20 percent tariffs on EU products, and a massive 46 percent levy on Vietnamese goods, came into force. Sanchez said Spain was committed to an international order based on rules, “free trade and economic freedom”.”Trade wars benefit no one, but harm everyone,” he said.”In a global context as complex as the one we are in, the Spanish government is firmly committed to the opening up of our country and Europe to Southeast Asia,” he added.Chinh said Vietnam had proposed Spain be “a bridge to promote our relationship with the EU and Latin American countries (and), for its part, Vietnam agrees to be a bridge to strengthen the relationship between Spain and ASEAN (the Association of Southeast Asian nations)”.The pair signed five memoranda of understanding including on financial cooperation, culture cooperation and agricultural safety.On Wednesday, Sanchez also met Vietnam’s top leader, To Lam.He will travel to Ho Chi Minh City, the Asian manufacturing powerhouse’s commercial capital, to speak to business leaders on Thursday.The Socialist prime minister then heads to China for his third visit in just over two years, where he is scheduled to meet President Xi Jinping and Chinese investors on Friday.Sanchez broke with the rest of the European Union on his last trip to China in September 2024, urging the bloc to reconsider plans to impose high tariffs on Chinese electric cars and calling for a “fair trade order”.China and Vietnam currently sell much more to Spain than they buy.
Le fisc américain va partager des données avec les services de l’immigration
Les autorités fiscales américaines ont conclu un accord avec les services de l’immigration en vue de leur fournir des informations sensibles sur les contribuables, ce qui pourrait faciliter l’expulsion de migrants, selon des documents judiciaires.Cet accord représente une victoire pour le gouvernement de Donald Trump qui a lancé une politique radicale de lutte contre l’immigration depuis son retour au pouvoir en janvier.Le fisc américain (IRS) permet à des millions de migrants clandestins de payer leurs impôts, ce qui est perçu par les intéressés comme un moyen de renforcer leur quête de papiers et contribue à alimenter le budget fédéral.Le service des impôts dispose de données telles que l’adresse, les revenus et les situations familiales des contribuables, qui sont strictement protégées par la loi fédérale. Mais aux termes de l’accord conclu lundi, selon les documents judiciaires, la police fédérale de l’immigration (ICE) peut réclamer à l’IRS des informations sur les personnes sur lesquelles elle enquête ou qui ont déjà reçu l’ordre de quitter le territoire.Le ministère de la sécurité intérieure (DHS), qui coiffe ICE, peut “légalement demander des informations relatives aux individus faisant l’objet d’une enquête pénale et l’IRS est tenu de les fournir”, selon ces documents.Dans ces circonstances, le Washington Post révèle mardi que la directrice par interim du fisc américain Melanie Krause a décidé de quitter l’IRS.Interrogé par l’AFP, le ministère des Finances s’est limité à confirmer son départ. “Melanie Krause a dirigé l’IRS au cours d’une période de transformation extraordinaire. Nous lui souhaitons du succès dans ses prochaines fonctions”, écrit une porte-parole.Melanie Krause était la troisième dirigeante du fisc américain depuis le retour de Donald Trump à la Maison Blanche en janvier.D’après les médias américains, des organisations de défense des droits des migrants avaient saisi la justice le mois dernier pour empêcher l’IRS de livrer des informations sensibles à ICE. Ce sont les documents judiciaires fournis par l’administration américaine dans le cadre de cette procédure qui ont révélé l’existence de l’accord.”Si l’accord reste en place, il fournira une feuille de route aux forces fédérales de maintien de l’ordre pour accéder à des informations confidentielles sans obtenir de décision judiciaire comme le prévoit la loi”, a réagi sur CNN Nandan Joshi, avocat de l’association Public Citizen.
Le fisc américain va partager des données avec les services de l’immigration
Les autorités fiscales américaines ont conclu un accord avec les services de l’immigration en vue de leur fournir des informations sensibles sur les contribuables, ce qui pourrait faciliter l’expulsion de migrants, selon des documents judiciaires.Cet accord représente une victoire pour le gouvernement de Donald Trump qui a lancé une politique radicale de lutte contre l’immigration depuis son retour au pouvoir en janvier.Le fisc américain (IRS) permet à des millions de migrants clandestins de payer leurs impôts, ce qui est perçu par les intéressés comme un moyen de renforcer leur quête de papiers et contribue à alimenter le budget fédéral.Le service des impôts dispose de données telles que l’adresse, les revenus et les situations familiales des contribuables, qui sont strictement protégées par la loi fédérale. Mais aux termes de l’accord conclu lundi, selon les documents judiciaires, la police fédérale de l’immigration (ICE) peut réclamer à l’IRS des informations sur les personnes sur lesquelles elle enquête ou qui ont déjà reçu l’ordre de quitter le territoire.Le ministère de la sécurité intérieure (DHS), qui coiffe ICE, peut “légalement demander des informations relatives aux individus faisant l’objet d’une enquête pénale et l’IRS est tenu de les fournir”, selon ces documents.Dans ces circonstances, le Washington Post révèle mardi que la directrice par interim du fisc américain Melanie Krause a décidé de quitter l’IRS.Interrogé par l’AFP, le ministère des Finances s’est limité à confirmer son départ. “Melanie Krause a dirigé l’IRS au cours d’une période de transformation extraordinaire. Nous lui souhaitons du succès dans ses prochaines fonctions”, écrit une porte-parole.Melanie Krause était la troisième dirigeante du fisc américain depuis le retour de Donald Trump à la Maison Blanche en janvier.D’après les médias américains, des organisations de défense des droits des migrants avaient saisi la justice le mois dernier pour empêcher l’IRS de livrer des informations sensibles à ICE. Ce sont les documents judiciaires fournis par l’administration américaine dans le cadre de cette procédure qui ont révélé l’existence de l’accord.”Si l’accord reste en place, il fournira une feuille de route aux forces fédérales de maintien de l’ordre pour accéder à des informations confidentielles sans obtenir de décision judiciaire comme le prévoit la loi”, a réagi sur CNN Nandan Joshi, avocat de l’association Public Citizen.
‘Some innings’: Arya’s 39-ball ton thrusts him into IPL spotlight
Priyansh Arya has been earmarked for great days ahead and a possible place in the India team after the six-hitting specialist’s match-winning century for Punjab Kings in the Indian Premier League.The uncapped left-hander Arya pummelled nine sixes in a 39-ball hundred to set up Punjab’s 18-run victory over Chennai Super Kings at New Chandigarh on Tuesday.The 24-year-old Arya equalled the fourth fastest IPL century and though he fell soon after for 103 off 42 balls, he had rescued his team from 83-5 and they went on to amass 219-6.West Indies great Chris Gayle holds the record fastest IPL century off just 30 balls for Royal Challengers Bengaluru in 2013. Yusuf Pathan is second quickest at 37 balls followed by South Africa’s David Miller on 38. Arya comes next on that illustrious list, matching Australia’s Travis Head’s 39-ball hundred for Sunrisers Hyderabad last year.”Happy to be counted among the legends,” said Arya after becoming only the second batsman this season to score an IPL hundred.”It is an out of this world feeling. To make runs is one thing, but to score a century is something different,” he added. “I always thought if the ball would be in my slot, I will back myself to hit a shot. “I have belief in myself to clear the boundary.”Arya first exploded onto the Indian cricket scene last year when he hit six sixes in an over in the T20 Delhi Premier League.Punjab then splashed $440,000 on a batsman who has never been picked for India- Bright prospect -The seeds of Arya’s success were sown years earlier when his talent was recognised by teachers in his native New Delhi.At the age of seven he began to be coached by Sanjay Bharadwaj, renowned for developing India cricketers such as Gautam Gambhir.Arya went on to play for Delhi Under-19s but it was only last season that IPL sides took notice when he became the Delhi senior side’s leading batsman with 222 runs in the national T20 competition.Little known only six months ago, Arya is now coping with being under the IPL spotlight.”There is more pressure, crowds and you face international bowlers and legends, so to perform against them is a good feeling,” he said.On Tuesday, Arya continued to play his shots even as wickets tumbled, also hitting seven fours, until he found the perfect partner in number seven Shashank Singh who made 52 not out as the pair put on 71 off 34 balls.Shashank hailed Arya as “a very bright prospect for the franchise and the country as well.”The free-scoring Arya showed glimpses of his power in a 23-ball 47 on his Punjab debut last month, but it was his latest knock that had the pundits purring.”Not a big man, a compact left-hander and that six-hitting reputation brings a tense nature,” former New Zealand fast bowler Simon Doull said on Indian website Cricbuzz.”But that was some innings, he was like that guy at the bar walking around looking for someone to stay with him and have a drink with him. “He was on his own for an hour.”Former India batsman Navjot Singh Sidhu, on Star Sports, said: “Priyansh Arya’s hundred is like 1,000 runs for me. “I haven’t seen a better innings like this before. Wickets were falling, but he didn’t stop. Everyone will be proud of his effort.”
India central bank cuts interest rates as Trump tariffs kick in
India’s central bank cut interest rates in the world’s fifth-largest economy on Wednesday as US President Donald Trump’s tariffs kicked in and policymakers warned of “challenging global economic conditions”.The cut, the second this year, aims to boost a slowing economy grappling with the impact Trump’s sweeping tariffs.The Reserve Bank of India (RBI) said the benchmark repo rate, the level at which it lends to commercial banks, would be reduced by 25 basis points to 6 percent.The central bank’s decision was announced the same day Trump’s 26 percent tariff for the world’s most populous nation came into effect.Easing inflation concerns over the last few months have allowed the RBI to focus on perking up the Indian economy, whose growth has slowed in the last few quarters.Trump’s protectionist trade policies will likely add to growth pressures and present a challenge for Indian policymakers.While New Delhi is not a manufacturing powerhouse, experts believe that high US tariffs will hurt billions of dollars of Indian exports across different sectors, including gems, jewellery and seafood.- ‘Uncertainties’ -Economists project that Trump’s tariffs drive will impact India’s GDP growth, with analysts at Goldman Sachs reducing their forecast for the current fiscal year from 6.3 to 6.1 percent.The RBI was more cautious on Wednesday, downgrading its GDP growth projection for the current financial year from 6.7 percent to 6.5 percent. The central bank’s monetary policy committee (MPC) said that “recent trade tariff related measures” had “exacerbated uncertainties” and clouded the “economic outlook across regions”.”In such challenging global economic conditions, the benign inflation and moderate growth outlook demands that the MPC continues to support growth,” it added in a statement.RBI governor Sanjay Malhotra, speaking in the financial capital Mumbai, said the “dent on global growth due to trade frictions will impede domestic growth”.”The year has begun on an anxious note for the global economy,” he said. “Some of the concerns on trade frictions are coming true, unsettling the global community.”Malhotra added that “several known unknowns”, including the impact of relative tariffs, made the “quantification of the adverse impact difficult”.- ‘Headwinds’ -India’s central bank cut interest rates for the first time in nearly five years in February 2024, as it sought to boost an economy that has been weighed down by muted urban consumer sentiment, a sluggish manufacturing sector and lower government expenditure.The Indian economy is projected to grow at its slowest pace since the Covid-19 pandemic and down from 9.2 percent in 2023-24.New Delhi has responded cautiously to Trump’s chaotic trade policies so far.The Department of Commerce said last week it was examining both “implications” and “opportunities” after rival manufacturing competitors were harder hit by Trump’s hike in duties.New Delhi and Washington are currently negotiating a bilateral trade agreement, the first tranche of which they hope to finalise by this autumn.Shilan Shah from Capital Economics said that the “RBI decision had come as “no surprise given the recent sharp drop in inflation and the headwinds from US tariffs”.Shah added that further rate cuts would be expected with the “uncertainty around US trade policy set to rumble on and inflation looking contained”.